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Singapore bank loans up 1.1% in May

Total bank loans in May rose 1.1 per cent from the previous month, central bank data showed on Monday (June 30).

SINGAPORE: Bank lending in Singapore picked up pace in May, rising 1.1 per cent from the previous month, preliminary data from the Monetary Authority of Singapore (MAS) showed on Monday (June 30).

Total bank loans for the month amounted to S$597.5 billion, up from S$591.1 billion in April and S$587.7 billion in March, the data showed.

Housing and bridging loans rose 0.7 per cent month-on-month to S$170.7 billion in April, while loans to the building and construction industry increased 1.1 per cent month-on-month to S$94.1 billion.

Consumer loans also rose 0.5 per cent on-month in May to S$229.1 billion, while loans to businesses rose 1.5 per cent from April to S$368.5 billion.

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